FRANKFURT EXCHANGE: 3G8
VANCOUVER, March 1 /CNW/ - Golden Dawn Minerals Inc. (the "Company") (TSX-V: GOM) has signed option agreements on the Royal Attwood and Boundary Falls gold-copper properties located within the historic Greenwood Mining District, British Columbia, Canada. Current interest in these properties has been fueled by a recent helicopter-borne AeroTEMII Electromagnetic and Magnetic survey which revealed new untested electromagnetic and magnetic geophysical anomalies within this highly prospective belt which has a history of gold, silver, and copper production dating from the 1880's.
Exploration efforts will be concentrated on these several untested geophysical anomalies that are coincident with anomalous gold-copper geochemical anomalies, induced polarization geophysical anomalies and extensive nearby surface gold and base metal prospects.
The Attwood Property (1800 Ha) , located southeast of Greenwood , near the town of Grand Forks, and 5 km south of the historic Phoenix copper-gold mine, shows very extensive soil gold anomalies, and stream-sediment gold anomalies reaching 79 ppm, 11 ppm, and 17 ppm in three creeks on the property. Several areas of extensive base metal and gold mineralization have been prospected and trenched. These occurrences provide the background and impetus for drill testing of the strong airborne magnetic and electromagnetic, and induced polarization anomalies that lie within the adjacent untested portions of the property.
The Boundary Falls property (1000 Ha) located immediately south-west of the town of Greenwood and west of the productive Motherlode gold-copper area demonstrates coincident electromagnetic and magnetic anomalies. These occur in the vicinity of anomalous gold and copper geochemical anomalies within volcanic rocks similar to those hosting the volcanogenic massive sulphides of the Motherlode deposits that yielded 4.2 million tonnes @ 0.87% copper and 1.3 g/t gold. A silver-gold mine and operational processing facilities are situated on the upper reaches of this claim block.
The prospectivity of the Greenwood is demonstrated by a 110 year production history from copper-gold deposits of several types. These include volcanogenic massive sulphides together with magnetite zones, epithermal gold veins and breccia systems, and intrusive related skarn mineralization, and combinations of these types. Both the Greenwood District and the Republic District to the south, while being mined at multiple locations over this period of time, are still yielding new deposits of gold and gold-silver-copper from re-evaluation of old showings, application of new geological interpretations, and application of geophysical and geochemical prospecting techniques.
The Buckhorn Mountain gold deposit in Washington State, southwest of the Greenwood camp, containing over a million ounces of gold, is currently being produced by Kinross and processed through their mill near Republic which has already processed over three million ounces of gold from the Belcher belt magnetite deposits and the Republic and Curlew epithermal vein systems. The earlier production from the Republic belt of epithermal vein systems totaled several million ounces from 1890 through 2002.
Notable historical production from the Canadian portion of the belt was from the Phoenix Mine situated just north of the Attwood prospect, yielding 27 million tonnes @ 0.9% copper and 1.12 g/t gold - over 1 million ounces of gold - from the 1890's until the 1970's. Also productive from the 1890's until recently is the Motherlode belt, lying north of Greenwood and east of the Boundary Falls property, which yielded 4.2 million tonnes @ 0.8% copper and 1.3 g/t gold.
Compilation and interpretation of all historical data is in progress, with field programs anticipated to begin when access is available upon snowmelt. The properties are easily accessible from paved roads and logging roads.
On Friday February 26, 2010, the Company disseminated news stating that the buyback option on the Boundary Falls 3% NSR was one third (1%) for $2,000,000. The repurchase option is actually two-thirds (2%) for $2,000,000.
Furthermore, the Company has the option to repurchase 1.5% of the 3% NSR on the Royal Attwood Property for $1,500,000, not $1,000,000 as recently disclosed.
The information in this press release has been prepared on behalf of the Company by Stewart A Jackson, PhD PGeol.
On behalf of the Board of Directors,
Wolf Wiese, President.
ON BEHALF OF THE BOARD OF DIRECTORS OF
GOLDEN DAWN MINERALS INC.
THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. THIS DOCUMENT CONTAINS CERTAIN FORWARD LOOKING STATEMENTS WHICH INVOLVE KNOWN AND UNKNOWN RISKS, DELAYS, AND UNCERTAINTIES NOT UNDER THE COMPANY'S CONTROL WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM THE RESULTS, PERFORMANCE, OR ACHIEVEMENTS IMPLIED BY THESE FORWARD LOOKING STATEMENTS. WE SEEK SAFE HARBOR.
SOURCE Golden Dawn Minerals Inc.
For further information: For further information: GOLDEN DAWN MINERALS INC., 575 1111 WEST HASTINGS STREET, VANCOUVER, BC, V6E 2J3, Telephone: (604) 221-8936, Facsimile: (604) 685-2360